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Vaduz Journal; For Rent: One Principality. Prince Not Included.

It seems patently absurd to Sigvard Wohlwend that the entire country of Liechtenstein -- all 62 square miles of it -- could be for rent, as if it were some sort of oversized alpine cottage.

''I'm not for lease!'' Mr. Wohlwend, a radio reporter and pro-democracy campaigner, declared indignantly as he tried to explain his deep objections to Liechtenstein's unconventional ''rent-a-state'' tourism initiative. ''This whole thing has a very bad taste for me because it shows that we are not taking ourselves seriously as a country.''

It seems that sometimes it is indeed hard for Liechtenstein to convey gravitas to the world outside.

Sandwiched between Austria and Switzerland, it is one of the lesser-known of Europe's anachronistic microstates. Its recently amended Constitution, which gives extensive powers to the governing prince, has been denounced as dangerously retrograde by two committees in the Council of Europe. Some people mistake it for Luxembourg.

With tourism down, businesses cutting back on frivolous expenses and the worldwide economy in flux, the ''rent-a-state'' program is intended to draw attention to Liechtenstein's ''Heidi''-esque charms and its advantages as a destination for conventions, corporate retreats and the like. Organizations that take part will pay about $320 to $530 a day per person -- for groups up to 1,200 people -- for access to the country's hotels, restaurants, meeting places and sports facilities.

''This allows people to identify themselves with the surroundings and the people,'' said Karl Schwarzler, chief executive of Xnet, the company in charge of the project. ''Liechtenstein's location is very interesting, and the country offers things from shopping to mountain biking. There is skiing, paragliding, and we are bordered by the Rhine River. You could even have a whole football stadium for an event.''

Balzars, one of Liechtenstein's villages (there are no cities), also has Gutenberg Castle, ''which was once owned by an American actress,'' Mr. Schwarzler said, demurring on specifics, and would make an ideal part of any rent-a-state weekend package. Participants would be allowed to partake from the wine cellar of the current prince, Hans-Adam II, although they would not be able to rent the prince himself.

''It's not on the schedule,'' Mr. Schwarzler said, laughing heartily at the idea of Hans-Adam paragliding with a throng of conventioneering accountants, wearing a corporate logo T-shirt. ''But it could be that he passes by unexpectedly. Who knows?''

Tourism officials said there had been some serious inquiries from interested companies, but would not give details.

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Since the initiative was announced several weeks ago, Liechtenstein has been the butt of some unfriendly jokes in the European news media. In Britain, one tabloid misrendered the project as ''rent-a-count,'' raising false hopes that minor members of the royal family might be included in the price. The government and tourism officials are mindful of how the whole thing might be viewed.

Daniel Real, who runs a tour group in Vaduz, scoffed at the implication that, for instance, Liechtenstein's entire population of about 32,000 would somehow be obliged to clear out en masse during the rental period, leaving behind the furniture and a number to call if the boiler exploded.

''I think people pretty well understand that 'rent-a-state' doesn't mean that it's your country and that Liechtensteiners would no longer be citizens for the weekend,'' Mr. Real said.

In Parliament, in response to a worried question from a legislator, a government spokesman contended that the program was a positive one, despite being unfairly burdened by ''an unhappy name.'' Rumors that the government would be required to hand the key to the country over to renters were unfounded, he said.

The spokesman said the name was not very well thought out. ''It really has nothing to do with the product,'' he said.

Up in Vaduz Castle (which is not part of the rental agreement), Florian Krenkel, a spokesman for Hans-Adam, pronounced the plan a terrific idea and said it vindicated the recent landslide victory for the prince's proposed constitutional changes. The prince had warned that if his proposals were rejected, he would leave the country and settle in Austria.

''This just shows how much you need the prince and his family,'' Mr. Krenkel said, pointing out that Liechtenstein's tourism slogan is ''Princely Moments'' and saying that Hans-Adam might indeed be enticed to meet some of the corporate renters, if they seemed ''interesting enough.''

''They are calling it 'rent-a-principality,''' Mr. Krenkel said, ''and how could you do it without a prince?''